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Friday, April 19, 2024

Will BONK Flip Shiba Inu (SHIB)? Arthur Hayes Chips In

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TL;DR

  1. Arthur Hayes’ Highlight on BONK: BitMEX co-founder Arthur Hayes praised Bonk Inu (BONK) on Twitter, suggesting it could surpass Shiba Inu. BONK’s market cap stands at about $1.2 billion, compared to SHIB’s nearly $6 billion.
  2. BONK’s Growth Factors: ChatGPT indicates BONK could potentially overtake SHIB by building a strong community and maintaining hype. Its market cap recently reached over $2 billion.
  3. Key Drivers of BONK’s Surge: BONK’s 600% price increase in 30 days could be linked to its association with Solana and listings on major exchanges like Binance and Coinbase.

BONK’s Chances

The recent sensation in the cryptocurrency market – Bonk Inu (BONK) – seems to have caught the attention of Arthur Hayes (co-founder of crypto exchange BitMEX). He took it to X (Twitter) to praise the memecoin’s valuation performance by presenting a particular chart showing its rapid price swings.

Hayes went further, evisioning the Solana memecoin surpassing Shiba Inu and becoming the second-biggest digital asset of that type.

Despite its price explosion in the past several weeks, BONK’s current market capitalization of around $1.2 billion (per CoinGecko’s data) is far from SHIB’s almost $6 billion. However, the distance was not that huge a few days ago when the former’s market cap exceeded the $2 billion mark.

According to ChatGPT, BONK has a chance to flip Shiba Inu, but such an event depends on numerous factors. The AI-powered language model estimated that the Solana memecoin should build a solid community and match the one that SHIB has already established. It must also maintain the hype surrounding its name and perhaps receive endorsement by influential figures.

What Stands Behind BONK’s Surge?

BONK has experienced a massive price increase of over 600% in the past 30 days, making it one of the top-performing assets in the entire realm. One element that could have prompted such a rally is the asset’s connection to Solana.

The latter has gone through a highly successful year (so far), jumping from a mere $10 on January 1 to almost $80 last week.

Another factor playing a role in BONK’s advancement could be the support from leading cryptocurrency exchanges. Recall that two of the biggest trading venues by market volume – Binance and Coinbase – listed the memecoin on their platforms.

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